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Latest News Conduct Bureau adamant on CJN Onnoghen’s trial; serves criminal charges •Why trial may go ahead despite court order Minimum Wage: Labour promises ‘hell’ for dissenting governors Andy Uba moves to establish university in Anambra Nigerian Ambassador dies in Abidjan I feel very sad about CJN Onnoghen’s trial — Osinbajo 2,551 suspected thieves arrested in Kaduna Crocodile mauls woman to death Imo APC commences contempt proceedings against Oshiomhole PSC warns against illegal transfers of commissioners ahead of elections 2019: Saraki warns against do-or-die politics •Says Nigerians must be allowed to elect candidates of their choice National Assembly adjourns after resumption from Yuletide break Promotion withdrawal: Oyo workers begin warning strike

 

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Atiku says committed to privatising NNPC

Atiku says committed to privatising NNPC The presidential candidate for Nigeria’s main opposition party said on Wednesday he was committed to privatising the state oil company, weeks ahead of the election that will determine who runs Africa’s top crude-producing country. Atiku Abubakar had stated in his manifesto that he intends to break up the Nigerian National Petroleum...... more

PEF set to track petrol consumption

PEF set to track petrol consumption The Petroleum Equalisation Fund (PEF) says its Sensor Monitoring  Project will help to track the exact quantity of Premium Motor Spirit  (PMS) also known as fuel consumed in the country. The PEF Executive Secretary Alhaji Ahmed Bobboi disclosed this while addressing newsmen, on Tuesday in Abuja. He said that the adoption...... more

CBN, SEC okay takeover of Diamond Bank by Access Bank

CBN, SEC okay takeover of Diamond Bank by Access Bank Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on proposed merger plans. Mr Victor Etuokwu, Access Bank Executive Director, Personal Banking, said in Lagos that CBN and SEC had granted both banks approval in...... more

Stakeholders converge in Abuja for Financial Literacy Confab

Stakeholders converge in Abuja for Financial Literacy Confab National Financial inclusion stakeholders in Nigeria, led by the Central Bank of Nigeria (CBN), will converge in Abuja on Thursday, January 17 and Friday, January 18, 2019, for the launch of key policy documents aimed at facilitating the attainment of the financial inclusion target of 80 per cent by 2020. Policy...... more

Mines, Steel Ministry generates N2.97 billion in 2018 — Minister

Mines, Steel Ministry generates N2.97 billion in 2018 — Minister Alhaji Abubakar Bwari, the Minister of State,  Mines and Steel Development, says the ministry generated  the sum of N2.97 billion as revenue  in 2018 . Bwari announced this while giving a three-year account of stewardship (2016-2018) on Monday in Abuja. He said  that the overall revenue generated  by the ministry from royalties...... more

Air Peace to commence daily flights to PH NAF Base Jan.18

Air Peace to commence daily flights to PH NAF Base Jan.18 Nigerian carrier, Air Peace, has announced plans to commence daily flights into the Nigerian Air Force (NAF) Base in Port Harcourt, Rivers, on Jan. 18. The Corporate Communications Manager of the Airline, Mr Chris Iwarah, made the announcement on Monday in Lagos. Iwarah said the airline would operate from the Murtala...... more

$8.1bn repatriation: HEDA invokes FoI on CBN, demands details of resolution with MTN

$8.1bn repatriation: HEDA invokes FoI on CBN, demands details of resolution with MTN The Human and Environmental Development Agenda Resource Centre (HEDA), a non-governmental organisation and non-partisan human rights and development league, has invoked a Freedom of Information Act on the Central Bank of Nigeria (CBN), asking it for detailed information on the alleged resolution between the apex bank and telecommunication giant, MTN Nigeria,...... more

Nigeria spends N2.7tn on infrastructure

Nigeria spends N2.7tn on infrastructure The High Level Stakeholders Retreat on Public Private Partnership (PPP) has heard that Nigeria spent N2.7 trillion on infrastructure development in the last three years. At the meeting in Uyo on Friday, Ms Imeh Okon, the Senior Special Assistant to the President on Infrastructure, of the sum, N100 billion has been...... more

ACCI President drums support for African passport

ACCI President drums support for African passport The President of the Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode (SAN), has commended the African Union over the planned roll-out of guidelines on issuance of African passports, lauding the chairperson of the African Union Commission, Mr Moussa Faki Mahamat, for providing exceptional leadership on the project. Mahamat...... more

CBN injects $263m, CNY 39m into Forex market

CBN injects $263m, CNY 39m into Forex market The Central Bank of Nigeria (CBN) on Friday injected the sum of $263m into the Retail Secondary Market Intervention Sales (SMIS), being its first intervention in that sector this year. This was in addition to the sum CNY 39 million consummated through a combination of spot and short-tenored forwards, arising from...... more

Non-compliance to regulations hinders oil industry growth — Baru

Non-compliance to regulations hinders oil industry growth — Baru Dr Maikanti Baru, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), says non-compliance to regulations by operators in the oil and gas sector hinders growth in the industry. Baru made this known at the 2018 annual stakeholders meeting of the Department of Petroleum Resources (DPR) in Abuja on Thursday. News...... more

Bayelsa posts N13.6bn IGR, vows to intensify efforts to improve revenue in 2019

Bayelsa posts N13.6bn IGR, vows to intensify efforts to improve revenue in 2019 The Bayelsa State Government on Thursday posted a total of N13.6 billion as its annual Internally Generated Revenue (IGR) for last year, as against the N4.5bn realised in 2012. The state Deputy Governor, Rear Admiral Gboribiogha John Jonah (Retd.), disclosed this in Government House, Yenagoa, during the monthly transparency briefing for...... more

Nigeria, India to sign bilateral air services agreement

Nigeria, India to sign bilateral air services agreement Nigeria and India are set to sign Bilateral Air Services Agreement (BASA) before the end of January that would enable direct flights between the two countries, the Indian High Commissioner to Nigeria, Mr Abhay Thakur has said. Thakur said this to newsmen at an event to commemorate the World Hindi Day...... more

Lagos has huge attraction for investment, says Swiss Ambassador

Lagos has huge attraction for investment, says Swiss Ambassador Ambassador of Switzerland to Nigeria, Mr. George Steiner, on Wednesday in Abuja said Lagos State with its huge market size provides a very good attraction for foreign investments.  The envoy made the declaration during a strategic visit to his office at the Swiss Embassy in Abuja by Mr. Babajide Sanwo-Olu, Governorship...... more

World Bank cuts forecast for world economic growth in 2019

World Bank cuts forecast for world economic growth in 2019 The World Bank is downgrading its outlook for the global economy this year, citing rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries. In a report titled “Darkening Skies,” the anti-poverty agency said Tuesday that it expects the world economy to grow 2.9 percent in 2019, down...... more

CBN continues intervention in Forex market with injection of another $210m

CBN continues intervention in Forex market with injection of another $210m The Central Bank of Nigeria (CBN) on Tuesday continued its intervention in the inter-bank sector of the Foreign Exchange market by injecting another sum of $210 million into the forex market. The apex bank injected the sum of $100 million in the wholesale segment of the market in addition to the...... more

African Development Bank approves US$14.12 million to support Nigeria’s membership in African Trade Insurance Agency

African Development Bank approves US$14.12 million to support Nigeria’s membership in African Trade Insurance Agency The African Development Bank Group, through its Trade Finance operations, has approved a US$14.12 million facility to support the Federal Republic of Nigeria’s membership in the African Trade Insurance Agency (ATI). This is a critical and mandatory step to enable ATI commence its operations in Nigeria. Nigeria, as Africa’s largest economy,...... more

MTN Nigeria deal fails to fuel shares as more trouble feared

MTN Nigeria deal fails to fuel shares as more trouble feared  MTN executives may have expected investors to cut them a little slack after they got potential liabilities of $8.1bn in Nigeria reduced to $53m last month. Not so. MTN stock has risen just 2.8% since the settlement on December 24, still 20% below its price in late August. That is when...... more

Teleology pulls out of 9mobile deal

Teleology pulls out of 9mobile deal Barely, two months after Teleology Holdings received approval to take over the operations of 9mobile as the preferred bidder, Teleology Holdings has expressed its dissatisfaction with the business relationship with its local partner, 9mobile Nigeria, and has decided to pull out from the 9mobile project. According to THISDAY report, Teleology Holdings...... more

Amazon emerges Most Valuable US Firm amid market turmoil

Amazon emerges Most Valuable US Firm amid market turmoil Amazon has eclipsed Microsoft as the most valuable publicly traded company in the U.S. as a see-sawing stock market continues to reshuffle corporate America's pecking order. The shift occurred Monday after Amazon's shares rose 3 percent to close at $1,629.51 and lifted the e-commerce leader's market value to $797 billion. Meanwhile,...... more

Manufacturers jittery over 2019 general elections

Manufacturers jittery over 2019 general elections With the performance of the manufacturing sector and economy in general in 2018 hampered by delays in passage of the budget, the Organised Private Sector (OPS) is again entering the 2019 fiscal year with great trepidation.  Its members from across several sectors are expressing fears that this year’s budget of N8.83...... more

How Nigeria attained 31 pct broadband penetration target — NCC

How Nigeria attained 31 pct broadband penetration target — NCC The Nigerian Communications Commission (NCC), has confirmed that, based on empirical indices, Nigeria attained 31 per cent broadband penetration. NCC management said in a statement on Sunday that this was contrary to insinuations in some quarters that the country was far away from the 30 per cent target. NCC said that...... more

Aviation sector agencies debunk rumours of relocation of HQ to Abuja

Aviation sector agencies debunk rumours of relocation of HQ to Abuja Agencies in the Nigerian aviation industry in Nigeria have denied the claim in some quarters that their headquarters have been relocated to the Federal Capital Territory (FCT) by the Federal Government. The spokesmen of the agencies who spoke to INDEPENDENT insisted that their agencies still remained in Lagos and described the...... more

Scaling up patronage of Made in Aba goods

Scaling up patronage of Made in Aba goods Nigeria’s economy has been in a very bad shape for some time now. Data released by the National Bureau of Statistics (NBS) in November 2016 showed that the economy contracted further by 2.24 per cent in the third quarter of 2016, having slipped into recession following another contraction in output in...... more

Huge debts, trust issues put Nigerian banks at risk

Huge debts, trust issues put Nigerian banks at risk Millions of Nigerians do not deposit their savings in banks and the wealthy choose to invest elsewhere. The country’s central bank said just two percent of Nigeria’s 190 million people have savings of at least $1,400, and just 350 individuals are responsible for 80 percent of the country’s bank debts. The...... more

Forex: CBN makes first intervention of 2019

Forex: CBN makes first intervention of 2019 The Central Bank of Nigeria (CBN) on Friday made its first intervention in the inter-bank sector of the Foreign Exchange market for 2019 with a total sum of $210 million injected into the wholesale segment and other sectors of the market. A breakdown of the figures obtained from the CBN yesterday...... more

FAAN under fire over new eYellow card

FAAN under fire over new eYellow card The Federal Airports Authority of Nigeria has incurred public wrath over an announcement on the impending change of the Yellow card issued to Nigerian travellers. In a notification on Twiiter, FAAN said “All old yellow cards will be invalid from April 1st 2019” and urged Nigerians to get a New e-Yellow...... more

Warren Buffett big loser with Apple Inc.

Warren Buffett big loser with Apple Inc.  The plunge in Apple Inc’s share price will cause new pain for Warren Buffett’s Berkshire Hathaway Inc, after the conglomerate suffered a big quarterly decline in its net worth that will hit its bottom line. Berkshire’s share price fell more than 4 percent on Thursday after Apple, its largest common stock...... more

FG earns N808bn from VAT in 9 months

FG earns N808bn from VAT in 9 months The National Bureau of Statistics (NBS), says the revenue generated from Value Added Tax (VAT) from sectoral distribution from first to third quarters of 2018 was N808 billion. VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to...... more

India buys N719.2bn Nigerian crude

India buys N719.2bn Nigerian crude India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2billion of crude and N37.7billion of natural gas exports from the country. India also bought cashew nuts worth N4.7billion. Latest figures from the National Bureau of Statistics (NBS), covering July, August and September, showed that Nigeria imported motorcycles...... more

 

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